The decline in lending in ChinaThe volume of loans in China reached 84.8 billion dollars in March / March past (Reuters)
Data showed that China's central bank lending by Chinese banks fell by 43% in the first quarter of this year, as the rate of decline in new loans in March / March, comes while the country's reserves of foreign exchange increased significantly last month.
The People's Bank of China said in a statement that the banks were 2.6 trillion yuan (380.7 billion dollars) in the first quarter of March / March compared with 4.6 trillion yuan (670.6 billion dollars) in loans in the first quarter of 2009.
The bank stressed that the volume of new loans issued by Chinese banks fell to 510.7 billion yuan (74.8 billion dollars) last month, down from 700.1 billion yuan (102 billion dollars) of loans extended awarded in February.
The volume of lending in March / March is much lower than the 1.89 trillion yuan (286 billion U.S. dollars) made in the same month last year, when China has called on banks to increase lending to stimulate the economy.
The data indicated that the central bank's efforts to control lending and to restore fiscal discipline in the banking industry, the Chinese state-owned may have succeeded in the end, what reduces the need to raise interest rates to curb inflation.
Increase the cash reserveIn a related development the Chinese central bank stressed that the country's reserves of foreign exchange rose in March / last March to a record high reached 2.447 billion dollars. This reserve is the highest in the world and a percentage of 25.25% compared to last year.
And recorded a reserve of China's foreign exchange jumps significantly in recent years, boosted by an influx of foreign investments and capital used in speculation, in addition to the record rise in China's trade surplus despite the fall last month.
The Chinese government confirmed earlier in a first trade deficit in nearly six years in March / March, which exceeded the surge in imports, export growth.
The trade deficit in March / March, $ 7.2 billion, making it the first sacral monthly deficit since April / April 2004 of $ 2.26 billion.
Officials said that this trend is likely to be short, but it is a sign of the return of a more balanced trade after years of huge surpluses.
Data showed that China's central bank lending by Chinese banks fell by 43% in the first quarter of this year, as the rate of decline in new loans in March / March, comes while the country's reserves of foreign exchange increased significantly last month.
The People's Bank of China said in a statement that the banks were 2.6 trillion yuan (380.7 billion dollars) in the first quarter of March / March compared with 4.6 trillion yuan (670.6 billion dollars) in loans in the first quarter of 2009.
The bank stressed that the volume of new loans issued by Chinese banks fell to 510.7 billion yuan (74.8 billion dollars) last month, down from 700.1 billion yuan (102 billion dollars) of loans extended awarded in February.
The volume of lending in March / March is much lower than the 1.89 trillion yuan (286 billion U.S. dollars) made in the same month last year, when China has called on banks to increase lending to stimulate the economy.
The data indicated that the central bank's efforts to control lending and to restore fiscal discipline in the banking industry, the Chinese state-owned may have succeeded in the end, what reduces the need to raise interest rates to curb inflation.
Increase the cash reserveIn a related development the Chinese central bank stressed that the country's reserves of foreign exchange rose in March / last March to a record high reached 2.447 billion dollars. This reserve is the highest in the world and a percentage of 25.25% compared to last year.
And recorded a reserve of China's foreign exchange jumps significantly in recent years, boosted by an influx of foreign investments and capital used in speculation, in addition to the record rise in China's trade surplus despite the fall last month.
The Chinese government confirmed earlier in a first trade deficit in nearly six years in March / March, which exceeded the surge in imports, export growth.
The trade deficit in March / March, $ 7.2 billion, making it the first sacral monthly deficit since April / April 2004 of $ 2.26 billion.
Officials said that this trend is likely to be short, but it is a sign of the return of a more balanced trade after years of huge surpluses.
